Fred Meyer's list includes $20M update for Burnside store

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Lynn Gust, president of Fred Meyer Stores, told the Portland Business Journal in December that the company will invest $200 million to upgrade stores in 2013. About $20 million will go toward a major overhaul of the Burnside location.

PORTLAND, Ore. -- A retail giant is upgrading one of its most prominent stores.

The company applied for permits for the project on April 1. According to permit records, Fred Meyer will tear down an existing parking garage and build a multi-level store in its place. The project is under review.

Fred Meyer expects to spend a total of about $200 million upgrading stores this year. While it has no plans for new stores, it will sink about $40 million in a handful of Oregon stores.

The 100,000-square-foot Burnside store was built in 1968.

In what most likely is a mere coincidence, Fred Meyer will spend the equivalent of the property’s market value on the upgrade.

The project will cost $19.96 million, according to city records.

Multnomah County property records peg the its market value at $19.7 million.